Realogy Stock to Be Sold in Secondary Offering
A sizable block of Realogy Holdings shares is about to change hands in a secondary offering. The company announced that "certain funds associated with" Apollo Global Management are unloading their collective stake of just over 25.1 million shares. The transaction's underwriters are Goldman Sachs and JPMorgan Chase's J.P. Morgan Securities, which will buy all of the shares then turn around and sell them to the public.
In the press release heralding the news, Realogy stressed that it will receive no proceeds from the issue, as it is not the selling party.
At the moment, Realogy has nearly 146 million shares outstanding, and its stock trades at $49.29 per share.
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